After a slow start to 2014, Lorenzo went on to get two wins and seven podiums – across the final 10 races to place third in the standings.
Lorenzo is hopeful that he can challenge Márquez as both Spanish riders seek a third championship in the premier class.
In a chat with the official MotoGP website, Lorenzo said that he had a very good feeling for the upcoming season.
"At the Sepang test we were not far away and at circuits like Assen, Mugello and Phillip Island we can be even better," he said.
"I have a very good feeling with the bike this year even with all the changes, and while I was not the fastest at Sepang, I have managed two titles with Yamaha, and have very high hopes for this year's bike.
"Our competitors are not asleep, especially Honda, and Ducati has also shown great pace. We do not start the year as favourites, that's obviously Honda and Marc, so we have to work hard to try and start the year as close as possible, to allow us to fight for the top step of the podium," Lorenzo said.
"Last year I was the rider with the most points from Germany to Valencia and finished the Championship very strongly. If we can start at the same level or even stronger, then we can definitely aspire to win the championship," he added.